A new natural phenylanthraquinone, bulbine‐knipholone (6), has been isolated from the African plant species Bulbine abyssinica (Asphodelaceae). Its structure was determined by spectroscopic and degradative methods. With the aid of the “lactone concept”, an atropo‐enantioselective total synthesis has been elaborated, confirming the full absolute structure. Bulbine‐knipholone exhibits antiplasmodial activity. (© Wiley‐VCH Verlag GmbH, 69451 Weinheim, Germany, 2002)